What’s Holding Back Wages in America?

Unemployment has plummeted to 3.9 percent, the lowest level since the early 2000s. Earnings calls are replete with chief executive officers bemoaning employee shortages. Small businesses are also feeling the pinch. In a July survey by the National Federation of Independent Business, 37 percent of owners reported at least one vacancy, and more than half said there were few or no qualified candidates for the job.